BANGKOK: Developing countries have taken a significant step towards strengthening cooperation on debt-related challenges as the Borrowers’ Platform convened its first Governing Council meeting in Bangkok on Monday, bringing together finance ministers, central bank governors and senior officials.
The meeting, held during the IMF–World Bank Annual Meetings, marks the beginning of the platform’s first annual cycle and a transition from establishing its institutional foundations to implementing its programme of work.
According to UN Trade and Development (UNCTAD), 31 developing countries have formally joined the initiative, while many others have expressed interest in participating. More than 100 developing countries have been invited to take part.
United Nations Secretary-General António Guterres welcomed the participating countries’ commitment, highlighting the mounting pressures facing developing economies, including geopolitical tensions, conflicts, trade and climate challenges, inadequate financing and rising debt-servicing burdens.
He said the Borrowers’ Platform provides an opportunity for member countries to share advice, tools and approaches while strengthening their collective voice in international discussions.
The initiative aims to provide a dedicated space for borrowing countries to exchange knowledge, learn from one another, identify common technical priorities and improve their capacity to navigate an increasingly complex global financial environment.
UNCTAD said the platform is intended to complement existing international debt mechanisms rather than replace them. It is not designed to serve as a forum for collective debt restructuring or collective bargaining.
Instead, its priorities include peer learning, technical assistance, improved access to knowledge and data, and stronger participation by borrower countries in international discussions affecting their financing conditions.
The initiative comes amid growing concerns about debt sustainability in developing countries. UNCTAD has highlighted how rising interest costs and debt-servicing obligations can place increasing pressure on public finances, potentially limiting resources available for infrastructure, healthcare, education and other essential development priorities.
The platform seeks to address a longstanding gap in international financial cooperation by creating a permanent borrower-led space for knowledge exchange and a stronger collective voice among developing countries.
During the first Governing Council meeting, members adopted a communiqué outlining shared priorities and the direction of the platform’s annual cycle. The council also considered the institutional framework and programme that will guide its activities.
The Governing Council serves as the platform’s political decision-making body, supported by a Steering Committee of senior officials responsible for overseeing operational work. The first annual cycle will also involve confirming the platform’s new chair and troika, alongside consideration of its modalities.
Egypt, which served as interim chair, led the initiative through its establishment phase, with UNCTAD providing secretariat support and technical expertise.
UNCTAD Acting Secretary-General Pedro Manuel Moreno reaffirmed the organisation’s readiness to support member countries through peer learning, research and practical assistance tailored to their priorities.
The Borrowers’ Platform was launched in April 2026 to strengthen cooperation among developing countries facing diverse debt profiles and financing conditions. Its establishment reflects growing calls for greater representation of borrowing countries in discussions shaping the international financial system.
Source: UN Trade and Development (UNCTAD), Press Release UNCTAD/PRESS/PR/2026/013, October 12, 2026.
Reported By: Maqbool Mirza
